CandleFocus

Shiba Inu (SHIB) Loses 13% in 24 Hours: What's Happening?

Author: Content Editor
The cryptocurrency Shiba Inu (SHIB) experienced a significant decrease of 13% in the past day, following a strong rally earlier in the week. The price chart analysis indicates that SHIB had broken out of a bullish pennant pattern. However, it is uncertain if this rally was sustainable or influenced by overbought conditions. Despite the decline, 73% of SHIB holders are still in profit. The recent rally and sell-off seem to have been influenced by large holders, with a concentration of 74%. Whales have been actively participating, with a strong volume of transactions over $100,000 in the past week. A crucial support level for SHIB is at the $0.000027 range. A rebound may be possible if institutional and retail investor interest remains high. On the upside, SHIB needs to break through resistance at $0.000033 and $0.000036 to maintain its bullish trend. SHIB continues to show robust network activity, with a significant percentage of long-term holders. However, there is a possibility of additional declines if selling pressure continues or if the overall market worsens. The current correction may be a necessary consolidation stage, and investors should exercise caution and monitor important levels closely.

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